Notice2026-22030
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Behavior of Discretionary Peg Orders if They Are Received by the Exchange During a Period of Quote Instability or Quote Imbalance
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 208 (Thursday, October 29, 2026)</title>
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[Federal Register Volume 91, Number 208 (Thursday, October 29, 2026)]
[Notices]
[Pages 68201-68204]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22030]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34--106732; File No. SR-IEX-2026-42]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
the Behavior of Discretionary Peg Orders if They Are Received by the
Exchange During a Period of Quote Instability or Quote Imbalance
October 26, 2026.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on October 15, 2026, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Act, \4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to modify the behavior of
Discretionary Peg orders if they are received by the Exchange during a
period of quote instability or quote imbalance. The Exchange has
designated this rule filing as non-controversial under Section
19(b)(3)(A) of the Act \6\ and paragraph (f)(6) of Rule 19b-4
thereunder.\7\
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
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The text of the proposed rule change is available at the Exchange's
website at <a href="https://www.iexexchange.io/resources/regulation/rule-filings">https://www.iexexchange.io/resources/regulation/rule-filings</a>
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received
[[Page 68202]]
on the proposed rule change. The text of these statements may be
examined at the places specified in Item IV below. The self-regulatory
organization has prepared summaries, set forth in Sections A, B, and C
below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule filing is to amend Rule
11.190(b)(10) with respect to Discretionary Peg (``D-Peg'') orders, so
that a D-Peg order received during a period of quote instability \8\ or
quote imbalance,\9\ as selected by the User \10\ for that order,
initially prices and posts at its resting price \11\ rather than first
pricing at the less aggressive of the Midpoint Price \12\ or the
order's limit price, if any. IEX also proposes to make conforming edits
to Rules 11.190(a)(3), 11.190(h)(3)(C)(ii), and 11.190(h)(3)(D)(ii).
This proposal will only apply to D-Peg orders with a time-in-force
(``TIF'') \13\ that allows the D-Peg to post to the Order Book.
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\8\ See IEX Rule 11.190(g)(1).
\9\ See IEX Rule 11.190(g)(2).
\10\ See Rule 1.160(qq).
\11\ The resting price for a D-Peg order is the less aggressive
of one (1) minimum price variant less aggressive than the primary
quote (i.e., the NBB for buy orders and NBO for sell orders) or the
order's limit price, if any. See Rule 11.190(b)(10).
\12\ See Rule 1.160(t).
\13\ See Rule 11.190(c).
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Background
Currently, upon entry into the System,\14\ a D-Peg order seeks to
execute against orders resting on the Order Book at the least
aggressive of the Midpoint Price or the order's limit price, if any. If
the D-Peg order has a TIF of IOC \15\ or FOK,\16\ any unexecuted shares
are canceled back to the User. If the D-Peg order has a TIF of DAY,\17\
GTX,\18\ SYS,\19\ or GTT \20\ (collectively referred to herein as a
``bookable D-Peg order''), any unexecuted shares post to the Order Book
at the less aggressive of one minimum price variant (``MPV'') \21\ less
aggressive than the primary quote (the NBB for a buy order or the NBO
for a sell order) or the order's limit price, if any.\22\
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\14\ See Rule 1.160(nn).
\15\ See Rule 11.190(c)(1).
\16\ See Rule 11.190(c)(2).
\17\ See Rule 11.190(c)(3).
\18\ See Rule 11.190(c)(4).
\19\ See Rule 11.190(c)(5).
\20\ See Rule 11.190(c)(6).
\21\ See Rule 11.210.
\22\ See Rule 11.190(b)(10).
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A resting D-Peg order will exercise the least amount of price
discretion necessary to meet the limit price of an active contra-side
order, up to its discretionary price.\23\ However, during a period of
quote instability or quote imbalance, as applicable, the D-Peg order
will not exercise any discretion and is only eligible to trade at its
resting price.\24\ Quote instability determinations are made by the
System using the ``crumbling quote indicator'' or ``CQI'',\25\ and
periods of quote imbalance are determined by the System using the
``quote imbalance indicator'' or ``QII''.\26\ Users designate whether
the CQI or QII should apply to each D-Peg order, which means each
resting D-Peg order's discretion will always be restricted either
during times of quote instability or quote imbalance, as specified by
the User,\27\ while an incoming D-Peg order currently is unaffected by
whether it is received during a period of quote instability or quote
imbalance, as described above.
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\23\ A D-Peg order's discretionary price is the less aggressive
of the Midpoint Price or the D-Peg order's limit price, if any.
\24\ See Rule 11.190(b)(10)(K).
\25\ See Rule 11.190(g)(1).
\26\ See Rule 11.190(g)(2).
\27\ See Rule 11.190(b)(10).
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Proposal
The Exchange proposes to extend the CQI and QII protections to
incoming bookable D-Peg orders that arrive while the applicable quote
instability or quote imbalance determination is in effect for its side
of the market.
As proposed, an incoming bookable D-Peg order will not seek to
execute against orders resting on the Order Book at the least
aggressive of the Midpoint Price or the order's limit price, if any, if
it arrives during a period of quote instability or quote imbalance, as
applicable. Instead, under this proposal, such a D-Peg order will post
to the Order Book at either the less aggressive of one MPV less
aggressive than the primary quote, or the order's limit price, if any.
When on entry the CQI or QII, as applicable, is not in effect, a
bookable D-Peg order will, as is currently the case, seek to execute
against orders resting on the Order Book at the least aggressive of the
Midpoint Price or the order's limit price, if any, and any unexecuted
shares will post to the Order Book at either the less aggressive of one
MPV less aggressive than the primary quote, or the order's limit price,
if any. The Exchange is not proposing any change to the behavior of
non-bookable D-Peg orders (i.e., orders with a TIF of IOC or FOK),
which will continue to seek to execute against orders resting on the
Order Book at the least aggressive of the Midpoint Price or the order's
limit price, if any, irrespective of if they arrive during a period of
quote instability or quote imbalance, as applicable.
This proposal also changes nothing about the behavior of resting D-
Peg orders, which will continue to exercise the least amount of price
discretion necessary to meet the limit price of an active contra-side
order, up to the D-Peg order's discretionary price, when the CQI or
QII, as applicable, is not in effect. However, during a period of quote
instability or quote imbalance, as applicable, resting D-Peg orders
will continue to not exercise any price discretion, meaning they remain
eligible to trade only at their resting price.\28\
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\28\ See Rule 11.190(b)(10)(K).
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The following examples depict how this proposed change will impact
incoming D-Peg orders:
Example 1 (existing functionality)
<bullet> Market for security ABC is $10.10 by $10.12.
<bullet> IEX has a resting M-Peg \29\ to sell 100 shares, which is
booked at the Midpoint Price of $10.11.
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\29\ See Rule 11.190(b)(9).
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<bullet> CQI determines the Signal Best Bid \30\ is unstable.
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\30\ See Rule 11.190(g)(1)(B)(i).
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<bullet> IEX receives a D-Peg order to buy 100 shares with limit of
$10.11, TIF of DAY, and User designation that the D-Peg should apply
the CQI.
<bullet> D-Peg order is automatically priced at $10.11 and takes
the resting M-Peg, irrespective of the quote being unstable.
Example 2 (proposed functionality)
<bullet> Market for security ABC is $10.10 by $10.12.
<bullet> IEX has a resting M-Peg \31\ to sell 100 shares, which is
booked at the Midpoint Price of $10.11.
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\31\ See Rule 11.190(b)(9).
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<bullet> CQI determines the Signal Best Bid is unstable.
<bullet> IEX receives a D-Peg order to buy 100 shares with limit of
$10.11, TIF of DAY, and User designation that the D-Peg should apply
the CQI.
<bullet> D-Peg order is automatically priced at $10.09 and does not
trade with the resting M-Peg.
This proposal merely aligns the entry pricing of a bookable D-Peg
order with the order's existing restriction on exercising price
discretion during a period of quote instability or quote imbalance, as
applicable. The proposed change is confined to this entry-pricing
circumstance for bookable D-Peg orders. It does not change how the
Exchange calculates quote instability or quote
[[Page 68203]]
imbalance, the resting price formula, or the order's discretionary
price when the selected determination is not in effect.
Finally, the Exchange proposes two conforming changes to Rule
11.190(h)(3) \32\ to clarify that a bookable D-Peg order will not
execute on entry in a locked or crossed market if the CQI or QII, as
applicable, is in effect. Under current rules, incoming bookable D-Peg
orders could execute on entry in a locked or crossed market regardless
of the CQI or QII state.
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\32\ Rule 11.190(h)(3)(C)(ii) describes how in a locked market,
D-Peg (and P-Peg) orders are priced one MPV less aggressive than the
locking price. Rule 11.190(h)(3)(D)(ii) describes how in a crossed
market, D-Peg (and P-Peg) orders are priced one MPV less aggressive
than the crossing price (the lowest Protected Offer for buy orders
and the highest Protected Bid for sell orders).
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To implement the change, the Exchange proposes to revise the
introductory text of Rule 11.190(b)(10), as well as references to D-Peg
pricing on entry in Rules 11.190(a)(3), 11.190(h)(3)(C)(ii), and
11.190(h)(3)(D)(ii). Specifically, IEX proposes to make the following
changes:
<bullet> In the explanatory paragraph in Rule 11.190(b)(10),
insert a new sentence after the sentence that reads: ``A pegged
order that upon entry into the System, the price of the order is
automatically adjusted by the System to be equal to the less
aggressive of the Midpoint Price or the order's limit price, if
any.'' The new sentence will read in full:
[cir] ``However, if the order is submitted with a TIF of DAY,
GTX, SYS, or GTT, and is received during a period of quote
instability as defined in paragraph (g)(1) or a period of quote
imbalance as defined in paragraph (g)(2) below, as selected by the
User, the price of the order is automatically adjusted by the System
to be equal to and ranked at the less aggressive of one (1) MPV less
aggressive than the primary quote (i.e., the NBB for buy orders and
NBO for sell orders) or the order's limit price, if any, and posts
to the Order Book.''
<bullet> In the explanatory paragraph in Rule 11.190(a)(3)
(Pegged Order), in the section describing D-Peg order pricing, add
the following language after the words ``the midpoint of the NBBO
upon entry'':
[cir] ``(except during periods of quote instability as defined
in paragraph (g)(1) or during periods of quote imbalance as defined
in paragraph (g)(2) below, as selected by the User), one (1) MPV
less aggressive than the primary quote (i.e., the NBB for buy orders
and NBO for sell orders)''
<bullet> IEX also proposes to remove the words ``the inside
quote on the same side of the market'' that currently follow the
proposed new text in Rule 11.190(a)(3), to address an inconsistency
in Rule 11.190(a)(3)'s description of D-Peg's resting price.\33\
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\33\ IEX's D-Peg rule, Rule 11.190(b)(10), correctly describes
the resting price of a D-Peg order, but the Pegged Order rule's
description of the D-Peg resting price is inconsistent with the D-
Peg rule. This conforming edit addresses the inconsistency.
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<bullet> In Rule 11.190(h)(3)(C)(ii), which describes D-Peg
price sliding in the event that the market becomes locked, add the
following text to the last sentence, after it describes how a D-Peg
order tries to execute at the Midpoint Price if it is submitted
while the market is locked:
[cir] ``unless the order is submitted with a TIF of DAY, GTX,
SYS, or GTT, and is received during a period of quote instability as
defined in paragraph (g)(1) or a period of quote imbalance as
defined in paragraph (g)(2) below, as selected by the User.''
<bullet> In Rule 11.190(h)(3)(D)(ii), which describes D-Peg and
P-Peg \34\ price sliding in the event that the market becomes
crossed, add the following text to the second sentence, after it
describes how a D-Peg order tries to execute at the crossing price
if it is submitted while the market is crossed:
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\34\ See Rule 11.190(b)(8).
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[cir] ``unless the order is submitted with a TIF of DAY, GTX,
SYS, or GTT, and is received during a period of quote instability as
defined in paragraph (g)(1) or a period of quote imbalance as
defined in paragraph (g)(2) below, as selected by the User.''
Implementation
The Exchange will announce the implementation date of the proposed
rule change by Trading Alert at least ten days in advance of such
implementation date and within 90 days of effectiveness of this
proposed rule change.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \35\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \36\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest. Specifically, the Exchange believes the proposed rule
change is consistent with the protection of investors and the public
interest because it is designed to protect from adverse selection
bookable D-Peg orders that arrive during periods of quote instability
or quote imbalance, by limiting execution at the Midpoint Price when
the Exchange's CQI or QII, as applicable, identifies that the primary
quote appears to be moving adversely to them, thereby reducing the
potential to execute at an imminently stale price and enhancing the
overall execution experience of D-Peg orders.
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\35\ 15 U.S.C. 78f.
\36\ 15 U.S.C. 78f(b)(5).
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In addition, the Exchange believes that the proposed rule change
will make D-Peg order handling more consistent and predictable, by
extending the protection from execution at a potentially imminently
stale price to bookable D-Peg orders on entry. Under the existing rule,
an incoming D-Peg order received during a period of quote instability
or quote imbalance, as applicable, is eligible to execute against
resting interest up to the Midpoint Price on entry (unless constrained
by the order's limit price), even though a resting D-Peg order is
restricted from exercising price discretion to the Midpoint Price
during such times.
Further, the Exchange believes that such protection is consistent
with the protection of investors and the public interest because it may
incentivize the entry of additional D-Peg orders on the Exchange,
thereby increasing the overall liquidity profile on the Exchange to the
benefit of all market participants. Moreover, resting D-Peg orders
generally provide liquidity to market participants removing liquidity
on the Exchange when the CQI or QII, as applicable, is not in effect.
By incentivizing the entry of additional D-Peg orders, the Exchange
believes that the proposed changes may enhance the overall execution
experience for other market participants removing liquidity on the
Exchange when the CQI or QII, as applicable, is not in effect.
Furthermore, as noted in the Purpose section, the proposed pricing
for a bookable D-Peg order that arrives during a period of quote
instability or quote imbalance, as applicable, is the same as the
pricing that occurs if any incoming bookable D-Peg order does not fully
execute on entry. Thus, IEX does not believe that the proposed changes
raise any new or novel issues that have not already been considered by
the Commission in connection with existing order types and
functionality offered by the Exchange.
Additionally, IEX believes that updating the descriptions of how
orders are repriced in the Pegged Order rule, as well as in the rules
for handling incoming D-Peg orders when the market is locked or
crossed, is consistent with the protection of investors and the public
interest because it is designed to reduce the potential to execute at
an imminently stale price and thereby enhance the overall execution
experience of D-Peg orders.
Finally, the Exchange believes that the conforming change to the
description of the resting price of D-Peg orders in the Pegged Orders
rule is consistent with the protection of investors and the public
interest because it adds additional clarity to the Exchange's rules,
thereby making them more accurate and complete, and
[[Page 68204]]
descriptive of the System's functionality.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange does not believe the proposal would impose an
unnecessary or undue burden on intermarket competition. Market
participants may choose among competing venues and order types. The
proposal refines the handling of an existing IEX order type in a
limited set of circumstances, in a manner designed to reduce the
potential to execute at an imminently stale price and thereby enhance
the overall execution experience of D-Peg orders which may help the
Exchange compete with other exchanges for order flow. This order
handling change will be available to all Members \37\ on equal terms.
Further, market participants have a variety of order types to select
from (on IEX as well as on other equities exchanges) and have the
ability to choose among these various order types to meet their
specific trading or business needs, as determined by the Members.
Accordingly, the Exchange believes that the proposed rule change will
not result in any burden on intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
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\37\ See Rule 1.160(s).
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The Exchange also does not believe the proposal would impose an
unnecessary or undue burden on intramarket competition. The proposed
change will modify the treatment of all bookable D-Peg orders that are
received by the Exchange during a period of quote instability or quote
imbalance, as applicable, and will therefore be applied equally to all
Members using the D-Peg order type, and the proposal does not alter the
treatment of other order types.
Moreover, as discussed in the Statutory Basis sections, resting D-
Peg orders generally provide liquidity to market participants removing
liquidity on the Exchange. Thus, the Exchange further believes that to
the extent that the proposed changes incentivize additional D-Peg order
flow, for the reasons discussed in the Statutory Basis section, the
proposed order handling change will enhance competition in a manner
that is consistent with the protection of investors and the public
interest.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \38\ of the Act and Rule 19b-4(f)(6) \39\
thereunder. Because the proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
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\38\ 15 U.S.C. 78s(b)(3)(A).
\39\ 17 CFR 240.19b-4(f)(6).
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The Exchange believes that the proposed rule change meets the
criteria of subparagraph (f)(6) of Rule 19b-4 \40\ because it would not
significantly affect the protection of investors or the public interest
because it merely extends a bookable D-Peg order's existing restriction
on discretionary pricing during periods of quote instability or quote
imbalance, as applicable, to the order's initial pricing on entry. The
rule change proposal does not alter the CQI or QII calculations, the
order's resting price, or its ability to exercise discretion outside of
periods of quote instability or quote imbalance, as applicable.
Further, as discussed in the Burden on Competition section, above, this
proposal would not impose any significant burden on competition.
Furthermore, Rule 19b-4(f)(6) requires a self-regulatory organization
to give the Commission written notice of its intent to file the
proposed rule change at least five business days prior to the date of
filing of the proposed rule change, or such shorter time as designated
by the Commission. The Exchange has satisfied this requirement.
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\40\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \41\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\41\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#8ffdfae3eaa2ece0e2e2eae1fbfccffceaeca1e8e0f9"><span class="__cf_email__" data-cfemail="7d0f081118501e1210101813090e3d0e181e531a120b">[email protected]</span></a>. Please include
file number SR-IEX-2026-42 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-IEX-2026-42. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-IEX-2026-42 and should be submitted on
or before November 19, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
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\42\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-22030 Filed 10-28-26; 8:45 am]
BILLING CODE 8011-01-P
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